ACTION REQUESTED:
Title
Communication from the City Manager and Corporation Counsel with a Request for the Following: (Council District 1)
A. ADOPT an ORDINANCE Authorizing the PURCHASE of Real Estate from the DOWNTOWN DEVELOPMENT CORPORATION OF PEORIA, for the Development of Parking Facilities on SW WASHINGTON STREET; and,
B. ADOPT an ORDINANCE Amending the City of Peoria 2023 REVISED ANNUAL BUDGET Relating to the WAREHOUSE DISTRICT TAX INCREMENT FINANCING (TIF) Fund, to Use Fund Balance for the Purchase of Property on SW WASHINGTON STREET, in the Amount of $250,000.00.
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BACKGROUND: Purchase of this property, in conjunction with other adjacent land purchases will provide a larger footprint to accommodate current and future parking needs.
FINANCIAL IMPACT: The purchase price is Two Hundred Fifty Thousand Dollars ($250,000.00) subject to credits and prorations as provided for the in the Purchase Agreement. The Purchase Price is the same price the Downtown Development Corporation paid to acquire the property.
NEIGHBORHOOD CONCERNS: None. Will eliminate blight from vacant and dilapidated properties and will have potential to provide parking for the Warehouse District.
IMPACT IF APPROVED: The City will have control of this property for future use or development.
IMPACT IF DENIED: The City would not purchase the property.
ALTERNATIVES: As Council directs.
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
DEPARTMENT: City Manager's Office